SCZONE signs a cooperation protocol with MSMEDA to strengthen the small and medium enterprises sector

The General Authority of the Suez Canal Economic Zone (SCZONE) signed a cooperation protocol with the medium small and micro enterprises development agency (MSMEDA), to cooperate to develop and strengthen the small and medium enterprises sector and entrepreneurship projects by providing the appropriate investment environment. The two parties aim to achieve Egypt’s strategy to localize industries and reduce the import bill. The protocol was signed by Mr. Waleid Gamal El-Dien, chairman of SCZONE, and Mr. Basil Rahmi, CEO of MSMEDA.

“SCZONE pays great attention to small and medium enterprises due to the support these projects provide to industry and supply chains, in addition to their ability to provide job opportunities for youth and benefit from Egyptian human resources. All of this comes in line with SCZONE’s strategy for 2020-2025. SCZONE provides support for these projects through small factories prepared for immediate operation and placing machines directly inside them “plug and play”, vocational training centers to qualify technical workers, and a one-stop service dedicated to facilitating procedures, in addition to the financial and non-financial investment incentives, as well as ports and logistics Parks that integrate with industrial areas to allow the products of these projects to reach global markets.” Mr. Waleid Gamal El-Dien, chairman of SCZONE declared.

“The cooperation protocol with SCZONE contributes to creating the appropriate investment climate for SCZONE’s project owners, and providing the needed support and various facilities for the establishment and success of these projects, to contribute to the localization of feeding and complementary industries through the establishment of complexes for small and medium industries in SCZONE’s affiliated industrial zones. The coordination will also be made with SCZONE to develop a mechanism to select small, serious investors who are likely to benefit from cooperation, while SCZONE will determine appropriate locations for establishing small and medium-sized industrial complexes.” Mr. Basil Rahmi, CEO of MSMEDA said.

It is worth noting that this cooperation aims to keep pace with Egypt’s strategic direction to support small and medium enterprises. It also aims to establish complexes for these industries in the industrial zones affiliated with SCZONE, in addition to raising the competitiveness of these projects in local and global markets by providing support in the fields of marketing, Promoting, and developing industrial capabilities. It also aims to make the financing and technical services provided by MSMEDA available to SCZONE’s medium and small projects, as well as cooperation between MSMEDA and SCZONE towards attracting small, serious investors to SCZONE and benefitting from the incentives and competitive advantages.